The Untapped Opportunity of B2B Paytech: Looking To The Future

The Untapped Opportunity of B2B Paytech: Looking To The Future

According to Joshua Bao , co-founder of SUNRATE , a digital cross-border payments platform based in Asia, the B2B payments space has huge potential and yet it remains largely untapped. Bao, who has more than 15 years of experience in the world of financial technology, began his career at global firm Citibank where he directed foreign exchange and investment transitions across APAC regions. Having witnessed the payment issues SMEs experienced first-hand he and the team were inspired to create SUNRATE. As well as helping companies access fast, cost-effective and safe cross-border transactions the business also partners with leading banks and institutions to pioneer innovation within financial technology. Here Bao looks to the future of payment technology and the potential it has to help businesses thrive. Over the last decade we've witnessed the rapid growth of B2C payment technology with the invention of mobile banking, mobile wallets and new point of sale providers. Inspired by changing consumer perceptions and requirements, people now seek immediate, personalised updates on their payments. However, while there have been huge strides within B2C paytech, many businesses still rely on face-to-face interactions and a physical paper trail. Yet is this all about to change? Digitisation has to